Will I lose my property if I file for bankruptcy or a consumer proposal?
This is probably in the top five questions that we have been asked over the years. The way we have answered this best is to say that the creditors do not want to take your property – they want to paid the money that they are owed- and if they are not going to get paid the money they are owed, then they want to know they are not missing out on something that they could otherwise seize and get money for, such as your property.
To put this another way, if you have real property, your unsecured creditors would expect to get paid the equity in the property or they would be missing out on something they could seize and sell to recover the money they lent to you. Equity in your property is roughly the amount of money that you would receive in a sale of your property after outstanding mortgages are paid.
If you are going to file for bankruptcy or a proposal and you do not want to lose your property, we will show you how this is done by ensuring that your creditors are satisfied that they will get paid for the equity in your property, without you having to seize your property for force you to sell it.
If losing your property is one of your biggest concerns, click here for an appointment or call now for a free consultation to discuss this further.